On December 14, 2016 we issued 1,798,787 shares of common stock at a price of $1.50 per share, with each share of common stock coupled
with a five year warrant to purchase one share of common stock, at an exercise price of $2.00. For certain investors who would otherwise hold more than 4.99% of our common stock following the registered offering, we agreed to issue to such investors
in the form of Class B Units, 7,586.82 shares of a new class of preferred stock designated Series D Convertible Preferred Stock with a stated value of $1,000 and which are convertible into 5,057,880 shares of our common stock at a conversion
price equal to $1.50 per share.
On July 27, 2016, we entered into a Securities Purchase Agreement with certain investors pursuant to
which we agreed to issue, (i) an aggregate of 293,604 shares of our common stock at a price of $3.08375 per share and (ii) to investors, whose purchase of our common stock would otherwise result in the investor, together with its
affiliates and certain related parties, beneficially owning more than 4.99% of our outstanding common stock immediately following the consummation of the offering, an aggregate of 1,294.595255 shares of our Series C Convertible Preferred Stock
(the Series C Preferred). The Series C Preferred have a stated value of $1,000 and are convertible into 419,812 shares of our common stock at $3.08375 per share.
On October 14, 2015, in a registered direct offering, we sold 902,132 Class A Units (consisting of one share of our common stock, a
Series A warrant to purchase one share of our common stock at an exercise price equal to $5.25, and a Series B warrant to purchase 0.75 of a share of our common stock at an exercise price equal to $6.00 per share and 4,750.0005 Class B Units
(convertible into 902,132 shares of our common stock at $5.25 per share, the public offering price of the Class A Units, together with the equivalent number of Series A warrants and Series B warrants as would have been issued to such purchaser
if they had purchased Class A Units based on the public offering price).
On March 25, 2015, in a registered direct offering, we
sold 204,186 shares of our common stock, and 102,093 warrants to purchase additional shares over the next 5.5 years, at a price of $24.49 per share.
On February 14, 2015, we entered into warrant exercise agreements with certain holders of our outstanding warrants to purchase an
aggregate of 61,123 shares of our common stock. The warrants were originally issued as part of an underwritten public offering that we closed on August 9, 2013. Pursuant to the terms of the agreements, the exercise price of the warrants being
exercised was adjusted, immediately prior to their exercise, to $30.00 per share down from the previously agreed $38.55.
At December 31, 2017, we had two equity award option plans, the 2003 Equity Incentive Plan and the 2013 Equity
Incentive Plan (collectively, the Stock Option Plans) although we can only grant new options under the 2013 Equity Incentive Plan. Under the Stock Option Plans, stock awards may be made to our directors, key employees, consultants, and
non-employee directors and may consist of stock options, stock appreciation rights, restricted stock awards, performance awards, and performance share awards. Stock options must be granted at prices no less than the market value on the date of
On September 27, 2017, our stockholders approved an amendment to the 2013 Equity Incentive Plan to increase the number of
shares authorized to be issued under such plan from 293,333 to 2,293,333 shares and the related sublimit of awards to any one participant from 20,000 to 300,000 shares.
There were no stock option exercises in the last three years.
No stock options were granted in 2017 or 2016, but stock options were granted in 2015. The weighted average fair value of options has been
estimated at the date of the grant using the Black-Scholes option-pricing